SAN JOSE, Calif.--(BUSINESS WIRE)--Komplyd, an automated platform that allows cannabis companies to establish and maintain compliance across multiple jurisdictions with a single API integration, announced today the closing of an oversubscribed funding round for an undisclosed amount. Komplyd will use the proceeds from the financing, co-led by Poseidon and Achari Ventures to execute on its national expansion strategy.
Komplyd’s platform allows the smallest operator to access and use the same tools as the largest MSO, to minimize the impact compliance has on their business. Komplyd views the complexity of cannabis regulations as a data problem. Built on a common data model, Komplyd provides protective guardrails and automated workflows across multiple states, counties and local municipalities through its AI-driven compliance engine.
Rose Elliott and her co-founder, Audrey Fernandez-Elliott, are no strangers to building data-driven solutions in highly regulated industries. Elliott previously led engineering teams at Tenable and PayPal. Fernandez-Elliott was responsible for complex M&A integrations and global expansion initiatives at PayPal, Apple, and Fitbit.
“Regulatory compliance is one of the main barriers to entry and expansion for companies operating in the cannabis industry,” said Elliott. “The Komplyd platform not only provides a common data model and universal API, but also a dynamic rules engine ensuring cannabis businesses are working within the guidelines defined by the states and locales in which they operate.”
Komplyd also announced the appointment of three Board Directors, including Patrick Rea of Poseidon Garden Ventures, Vikas Desai of Achari Ventures, and Tushar Shah, an expert in compliance and risk management technology whose prior roles included CTO/SVP of Platforms at PayPal and SVP of Technology at Bank of America.
“We are proud to partner with Komplyd as it unveils a truly remarkable solution for the cannabis industry,” said Rea. “Komplyd gives flight to cannabis businesses that wish to expand outside of their home states while remaining compliant in the new states they enter. And for those tired of ‘Compliance Cleanup’ fees to lawyers and consultants, Komplyd provides a cost-effective, stable and reliable solution in their home states. This is a game changer for every cannabis business that does its own compliance, and every cannabis tech company that supports them.”
Founded January 1, 2020, Komplyd is the first API first compliance as a service platform serving the cannabis industry. Drawing from a team of seasoned technology professionals who are passionate about the health and wellness benefits of cannabis, Komplyd is an easy and cost-effective way for companies to integrate multi-jurisdiction regulatory compliance features into their applications through a single integration. Komplyd’s platform is architected for scalability, availability, performance and security. Learn more about the next generation of cannabis compliance technology at komplyd.com.